The Globe and Mail reports in its Friday edition that Royal Bank of Canada's purchase of Los Angeles-based City National Corp. has been approved by the board of governors of the U.S. Federal Reserve. A Canadian Press dispatch to The Globe says the $5.4-billion (U.S.) acquisition, which was previously approved by Canadian regulators, was first announced in January. Royal Bank says the merger is now expected to close on Nov. 2, subject to customary closing conditions. The bank, which has said the deal will allow it to expand its wealth management business in the United States, comes several years after it sold its U.S. retail banking business. City National has $33.8-billion in assets and has 75 offices in California, Nevada, Nashville, New York and Atlanta. RBC shares closed Thursday at $74.40, up 33 cents on the Toronto Stock Exchange.